Gramin Bank Loan 2024:
Punjab Gramin Bank (PGB) which is a business arm of the Punjab National Bank is an amalgamation of 3 RRBs. With most of its branches in rural areas PGB plays a vital role in uplifting the living standards of rural people. PGB has around 264 branches operating in 3 districts of Punjab. The bank offers various types of deposits and loan schemes.
Adavantages of PGB personal loan scheme:
The Punjab Gramin Bank takes care of the financial requirements of people in the rural areas. The purpose of this personal loan is to help the borrower meet all types of personal needs. Money may be required for children’s education expenses, medical expenses, wedding expenses, or even travel (domestic and foreign) expenses.
Punjab Gramin Bank (PGB) Personal Loan Eligibility criteria
In order to avail the personal loan scheme from Punjab Gramin Bank, the borrower has to fulfill the following eligibility criteria as set by the bank:
- Only PGB account holders with a 6-month old account are eligible for Personal Loan.
- Minimum net monthly income should be Rs. 12500 per month for availing loan/OD at Urban centers
- In case of semi-urban and rural centers, around Rs. 10000 should be the net monthly income for availing Loan/OD.
- Defense personnel from Military Station Headquarters, Border Security Force, Central Reserve Police Force, Central Industrial Security Force, Indo Tibetan Boarder Police, etc. In case the borrower belongs to any of the mentioned services, he must have been retired for more than 24 months.
- Confirmed or permanent employees of Central/State Government/ PSUs and all reputed companies/ Institutions
- Individuals working with schools, colleges, Universities, autonomous bodies, Hospitals/Nursing Homes, who are drawing salary through accounts maintained with PGB branches
- People working with employers having check off facility with Punjab Gramin Bank are also eligible.
- Professionally qualified practicing Doctors with an annual income for Rs 3 lac, and having an account with GB at least for the last six months or above.
- Doctors should be have paid taxes for the last three years and the Income Tax Returns, duly receipted by Income Tax Office should be available for the Bank
PGB Personal Loan Scheme Features and Benefits:
Here are some of the benefits and features of the personal loan scheme offered by Punjab Gramin Bank:
- Minimum amount of loan – Rs. 50000/-
- Maximum amount of loan – Rs. 4,00,000 or 20 times monthly net salary whichever is lower depending upon the repaying capacity
- Rs. 5,00,000 loan amount for salaried persons who have completed 3 years’ service in the present organization & drawing net monthly salary of not less than Rs.30,000/-
- The bank charges a nominal rate of interest for the personal loan scheme. The interest rate may change as per the bank’s discretion.
- The loan amount (principal and interest) can be repaid in maximum 60 equated monthly instalments (EMIs).
- Loan repayments begins one month after loan disbursement
- Overdraft limit is adjusted within a maximum period of 60 months by reducing Drawing Power (DP) equivalent to EMI amount at the beginning of every month.
- For defense personnel, the loan can be repaid in maximum 36 equated monthly installments or remaining period of stay at the particular posting, whichever is lower
Punjab Gramin Bank (PGB) Personal Loan Documents Required:
The individual may require to produce the following documents in order to avail the loan:
- Valid government approved ID card (Driving license, PAN card, Passport, etc.)
- Proof of income (bank statements, IT returns, etc.)
The bank may also require additional documents for verification, depending on the borrower.
Gramin Bank of Aryavart Personal Loan Eligibility Criteria
| CIBIL score | 750 and above |
| Age | 21-58 years |
| Min Income | 25,000/- |
| Occupation | salaried/self-employed |
Gramin Bank of Aryavart Personal Loan Documents Required
| Form | Duly filled application form |
| Proof of Identity | Passport copy, driving license, Aadhar, and voter ID card. |
| Proof of Address | Rental agreement ( should have stayed in that address for at least 1 year), utility bills, passport(to show permanent residence address), and ration card |
| Proof of Income | Income tax report of the last two assessment years, salary slip of the last 6 months, and the bank statement of the last 3 months. |
Gramin Bank of Aryavart Personal Loan EMI Calculator
Gramin Bank of Aryavart Personal Loan Compared to Other Banks
| Particulars | Gramin Bank of Aryavart | HDFC Bank | Bajaj Finserv | Axis Bank | Citibank | ICICI Bank |
| Interest Rate | 9.99% | 11.25% to 21.50% | Starting from 12.99% | 15.75% to 24% | Starting from 10.99% | 11.50% to 19.25% |
| Tenure | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months |
| Loan amount | Up to Rs.10 lakhs | Up to Rs. 40 lakh | Up to Rs. 25 lakh | Rs. 50,000 to Rs. 15 lakh | Up to Rs. 30 lakh | Up to Rs. 20 lakh |
| Processing Fee | Depends on the bank’s decision from time to time | Up to 2.50% of the loan amount | Up to 3.99% of the loan amount | Up to 2% of the loan amount | Up to 3% of the loan amount | Up to 2.25% of the loan amount |
Gramin Bank of Aryavart Other Loan Products
- Home loan
- Agricultural loan
- Educational loan
Why should you apply for Gramin Bank of Aryavart Personal Loan with National Info?
National Info guides you in choosing one among the best option of banks by giving you the updated market contrast of several banks so that you can make the right choice. At National info we have already guided thousands of borrowers towards taking the loan that they want without any hassle and look forward to continuing this. Apply today to get special offers and discounts on Garmin Bank of Aryavart’s personal loan.
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How to Calculate EMIs for Gramin Bank of Aryavart Personal Loan
These are the following information that will be required to calculate your Gramin Bank of Aryavart Loan EMI: the amount of the loan, the rate of interest, and the loan period.
Enter these values in the calculator given below to find your monthly EMIs.
Gramin Bank of Aryavart Personal Loan Processing Time
Processing time would tell you how long it would take to process an application under normal situations. It usually starts on the day we receive the application from the bank and ends when we make the decision regarding what loan we want and the amount to get credited.
Gramin Bank of Aryavart Personal Loan Preclosure charges
Depends on the bank’s decision from time to time.
Garmin Bank of Aryavart’s personal loan Overdraft Facility
An individual overdraft is a credit office that licenses you to pull out an all-out as and when required. You can in like manner reimburse the got out totally at whatever point the condition is ideal. From this time forward, it is conceivably the most favoured credit choices that benefitted to meet changing individual supporting necessities unbounded.
Apply for an overdraft office as a Garmin Bank of Aryavart’s loan an unforeseen new development. The adaptable improvement office has all the gigantic highlights of a slight overdraft credit.
Pre Calculated EMI for Personal Loan
| Rate | 5 Yrs | 4 Yrs | 3 Yrs |
| 10.50% | 2149 | 2560 | 3250 |
| 11.00% | 2174 | 2584 | 3273 |
| 11.50% | 2199 | 2608 | 3297 |
| 12.00% | 2224 | 2633 | 3321 |
| 12.50% | 2249 | 2658 | 3345 |
| 13.00% | 2275 | 2682 | 3369 |
| 13.50% | 2300 | 2707 | 3393 |
| 14.00% | 2326 | 2732 | 3417 |
| 14.50% | 2352 | 2757 | 3442 |
| 15.00% | 2378 | 2783 | 3466 |
Different Personal Loan offers by Gramin Bank of Aryavart
Gramin Bank of Aryavart Personal Loan Balance Transfer
A personal loan balance transfer is when the applicant transfers the remaining outstanding principal of the personal loan from one lending institution to another to gain more benefits such as a collective personal loan interest rate on the outstanding loans.
Gramin Bank of Aryavart Personal Loan Top Up
The top-up loan is only given to customers who already have an existing relationship/account with the bank, the eligibility criteria are quite basic for the top-up plan. A customer who has taken a loan from the bank, irrespective of the type of loan is taken, is eligible for a top-up loan.
Gramin Bank of Aryavart Personal Loan Status
You can check the status of your Garmin Bank of Aryavart personal loan by the following methods:
- You could visit the nearest loan branch and ask the bankers also for the same.
- Log In to the bank’s net banking portal, click on the loans from the top icon and click on enquire to track the status of your personal loan.
- Search for ‘personal loan status’ on google, click on the first link which will direct you to the loan status tracker webpage of Gramin Bank of Aryavart, and fill in the needed information to check the status of your loan.
Types of Gramin Bank of Aryavart Personal Loan
Home renovation loan
Gramin Bank of Aryavart provides individuals who plan to renovate their homes with a home improvement loan. This personal loan can fund critical repairs or allow the borrower to purchase new furniture, fixtures, and furniture for the house. Four of the Gramin Bank of Aryavart Home Renovation Loan’s major features are:
- The Home Renovation Loan of Gramin Bank of Aryavart’s interest rate starts at as low as 11.25%.
- Individuals will be liable to renew their homes with a loan of up to Rs. 20 Lakh.
- Gramin Bank of Aryavart’s home improvement loan needs minimum paperwork to free up the whole credit process.
- Usually, within 72 hours after the bank accepts the applications, the loan balance will be credited to the account.
Holiday loan
The holiday loan from Gramin Bank of Aryavart will help you budget for your dream vacation with limited difficulties. Several holiday-related expenses will be funded by this personal loan from Gramin Bank of Aryavart, including the booking of flight fares, hotel accommodation, guided tours, etc. The Gramin Bank of Aryavart Holiday Loan’s key features are:
- Interest rates on holiday loans starting at 11.25 percent p.a.
- You should use up to Rs 20 Lakh easily so that a financial crunch would not spoil your perfect vacation
- Simplified and limited paperwork means fast and easy funding for your holiday.
- Quick processing of the loan directly credited to your account and disbursement
Fresher funding
Most unsecured personal loans are meant for individuals with a daily income, while the Fresher Funding of Gramin Bank of Aryavart is distinct. The loan option provided by Gramin Bank of Aryavart is intended to help refreshers, i.e. recent graduates searching for their first job. Few of Gramin Bank of Aryavart Fresher Personal Loan Funding’s main features are as follows:
- Up to Rs 1.5 lakh loan
- A candidate must be 21 years of age or older.
- The interest rate for Fresher Funding depends on the applicant’s profile, credit history/score, applicant’s age, and place.
NRI Personal Loan
Knowing the wishes and desires of NRIs, Gramin Bank of Aryavart provides NRIs directly with a personal loan. An Indian resident must be the main loan borrower, and a close relative must be the NRI co-applicant. The Personal Loan includes the following features for NRIs:
- Gramin Bank of Aryavart offers NRIs with adjustable end-use personal loans of up to Rs. 10 lakh.
- NRI Personal Loan interest rates launch at 15.49 percent p.a.
- Up to 36 months is the term of the loan.